Anybody do the PPP / Kabbage loan?

Swam4Texas

New Member
I received the link through Uber to apply for a PPP loan as an independent contractor and was approved by the SBA. I'm not sure who's collecting the fees or what fees apply on this.
Did anybody else do this?
 

RobLinn

Active Member
PPP affects eligibility for the PUA/DUA so I went for the EIDL loan
Relaxed terms vs the PPP & at 3.75% with a 30 year repayment plan it’s not too bad to have a nice cash reserve
 

LoriO

New Member
PPP affects eligibility for the PUA/DUA so I went for the EIDL loan
Relaxed terms vs the PPP & at 3.75% with a 30 year repayment plan it’s not too bad to have a nice cash reserve
I think I am going to to the EIDL Loan Like Rob said, it's relax terms. The only part I don't like is that it states you need an "accountants review report" by a certified CPA after a certain amount of time. Receipts, book keeping records, etc. They can ask for those at any time.It also says to use the loan as "working capital" - whatever that means.... I have some loans I would like to pay off!
 

RobLinn

Active Member
I think I am going to to the EIDL Loan Like Rob said, it's relax terms. The only part I don't like is that it states you need an "accountants review report" by a certified CPA after a certain amount of time. Receipts, book keeping records, etc. They can ask for those at any time.It also says to use the loan as "working capital" - whatever that means.... I have some loans I would like to pay off!
Not worried about the CPA term (doubt it will ever come up on small loan accounts)
You can’t use the funds to pay off loans (working capital for expenses & payroll only)
If your creative you can free up personal money (use EIDL to pay car, insurance & cell then use personal cash to pay off loans)
Google search EIDL use of funds for info
 

LoriO

New Member
Not worried about the CPA term (doubt it will ever come up on small loan accounts)
You can’t use the funds to pay off loans (working capital for expenses & payroll only)
If your creative you can free up personal money (use EIDL to pay car, insurance & cell then use personal cash to pay off loans)
Google search EIDL use of funds for info
This makes sense! I agree! Great idea!
 
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